Rule 424(b)(3)
                                                                  33-62727

                   SUPPLEMENT NUMBER 1 DATED OCTOBER 25, 1995
                     TO PROSPECTUS DATED SEPTEMBER 26, 1995

                          READING & BATES CORPORATION

                                 Common Stock

        The Prospectus dated  September 26, 1995 is  hereby supplemented  by
  the  addition  of  the following  information  under the  caption "SELLING
  STOCKHOLDERS" therein.

        DeepFlex Production Services, Inc. has informed the Company  that as
  of October 12,  1995, it had sold all of the 1,232,057  Shares owned by it
  in  various transactions in  accordance with the Plan  of Distribution set
  forth in the Prospectus.



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